具有非排他性合同和顺序银行外部性的信贷扩展

IF 5.6 1区经济学 Q1 ECONOMICS

American Economic Journal-Economic Policy Pub Date : 2023-02-01 DOI:10.1257/pol.20200220

G. De Giorgi, Andrés Drenik, Enrique Seira

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引用次数: 0

摘要

非排他性顺序借款可能增加违约，并对先前的贷款人施加外部性。我们证明，顺序银行业务是普遍存在的，具有实质性的影响。使用大型银行的信用卡申请和申请人整个贷款组合的数据，我们发现额外的信用额度使以前贷款的高分借款人的违约率下降了5.9个百分点。然而，对于低分数的借款人，它会导致19个百分点的增长。前者利用新的信贷来平稳偿还原有贷款，而后者则增加了它们的总债务。这些结果对“无普遍违约”监管和金融包容性具有启示意义。(jel d62, d82, g21, g51)

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The Extension of Credit with Nonexclusive Contracts and Sequential Banking Externalities

Nonexclusive sequential borrowing can increase default and impose externalities on prior lenders. We document that sequential banking is pervasive with substantial effects. Using credit card applications from a large bank and data on the applicants’ entire loan portfolios, we find that an additional credit line causes a 5.9 percentage point decline in default for high-score borrowers on previous loans. However, for low-score borrowers, it causes a 19 percentage point increase. The former use the new credit to smooth payments on preexisting loans, while the latter increase their total debt. These results have implications for “ no-universal-default” regulation and financial inclusion. (JEL D62, D82, G21, G51)

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来源期刊

American Economic Journal-Economic Policy ECONOMICS-

CiteScore

8.20

自引率

1.90%

发文量

期刊介绍： The American Economic Review (AER) is a general-interest economics journal. The journal publishes 12 issues containing articles on a broad range of topics. Established in 1911, the AER is among the nation's oldest and most respected scholarly journals in economics. American Economic Journal: Economic Policy publishes papers covering a range of topics, the common theme being the role of economic policy in economic outcomes. Subject areas include public economics; urban and regional economics; public policy aspects of health, education, welfare and political institutions; law and economics; economic regulation; and environmental and natural resource economics.